Tesla Model Y vs Honda CRV Hybrid: Lowest Cost of Ownership in 5 Years?
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- čas přidán 19. 03. 2023
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The initial purchase price of the Tesla Model Y may be quite a bit more than a Honda CRV Hybrid, however when you consider the various savings associated with driving a battery electric vehicle and available incentives, the TRUE COST of driving a Model Y for 5-years is likely less than you might think. In a 5-Year TRUE COST comparison, which vehicle actually cost less?
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** All video and pictures are used with permission or in accordance with the copyright owner's stated policies and use allowance, or applicable fair use laws. **
Image & Video Clip Sources:
1. Thumbnail Model 3 image & other Tesla images and video clips used in the video Courtesy of Tesla, Inc. (where noted in video).
2. Thumbnail Honda CRV image & other CRV images and/or video clips used in the video courtesy of Honda (where noted in video).
3. Grey Model Y driving video clip provided by Piston Ring Media | via www.pond5.com
Data Sources:
California EV Incentives: cleanvehiclerebate.org/en/sav...
Tesla Local Incentives: www.tesla.com/support/incentives
Edmunds Cost of Ownership: www.edmunds.com/tco.html
National Electricity Prices: www.bls.gov/regions/midwest/d...
www.caranddriver.com/tesla/mo...
www.headquartertoyota.com/blo...
www.motortrend.com/cars/toyot...
www.bankrate.com/loans/loan-c...
www.fhwa.dot.gov/ohim/onh00/b...
www.edmunds.com/tesla/model-y...
www.bankrate.com/loans/loan-c...
hondanews.com/en-US/honda-aut...
www.kirklandhonda.com/honda-m...
cleanvehiclerebate.org/en/sav...
www.caranddriver.com/reviews/...
NOTE: The content found in this video should NOT be regarded as financial advice. I am not a financial advisor, and this is NOT in any way a recommendation or offer to buy or sell securities. While the information in this video is believed to be accurate at the time of recording, no guarantees are being made about the accuracy of the information presented in the video. As of the recording of this video, I am NOT invested in Tesla stock or securities, nor any other company mentioned in this video. - Auta a dopravní prostředky
I considered purchasing either a 2024 Honda CR-V Hybrid or a 2023 Tesla. Although the Model Y was tempting due to its cool factor and my love for technology, practical concerns like the cost of installing a new home outlet, higher home electric bills, range anxiety, waiting for charges on trips, limited cargo space, and the absence of a Tesla service center within 60 miles of my house played a significant role. The tax credit, while enticing, turned out to be non-refundable, which was a bit misleading. There's talk of possibly passing the credit to the dealership next year. Ultimately, considering current practicality and fuel savings, I chose the CR-V and am thoroughly pleased with my decision.
Honda CR-V Sport Touring Hybrid AWD MSRP is $40,395. Due to low inventory, the prominent local Honda dealer adds $3,604 in dealer add-ons for a price of $44,029. Long-range Tesla Model Y can be had for $50,490, but coupled with the $7,500 tax rebate is lower than the CR-V.
It would be interested to see a 7 and a 10 year ownership period to gauge at what time getting rid of the vehicle makes the most sense
Mileage would be a big factor
The spread here in Ontario Canada is much greater between fuel and electricity. Our off peak is $0.085 per KWH, and our fuel is $1.40 per liter. So you need to convert to gallons and USD. Much faster pay back.
🙋♂️THANKS JON AND SPAN ,GREAT COMPARISON,showing it is getting closer all the time and for many people even now it’s better 🤗👍😎💚💚💚
Many drivers of the Tesla will have cheaper electricity and experience better resale than shown in your example. Charging at home is such benefit over goimg to the gas station, that alone can move customers to an EV.
Sounds like a fair assessment. Thank you for the analysis.
It's better too do a comparison after 15 years of driving. Most of my Honda's I have own usually go over 300,000 miles since new. But I think for the average person it easier or more realistic too spend a few hundred for repairs/replacement parts after the extended warranty has been exhausted. I know any repair for a Tesla after warranty you looking a few thousand. I do not know too many people that have couple thousands laying around for a unexpected repair.
Woah, trippy seeing the mountains of my hometown in your video around 8:25.
Thanks Jon. 🙂👍
At 5:15 - Wow! Your average fuel cost is only $3.47 per US gallon? We pay more than £10 for four litres; roughly $12 per US gallon.
My home night rate electricity is 8.25 p per kWh, or about $0.10 per kWh. That's not quite the lowest domestic rate in the U.K., but the deal suits us. Therefore, the savings over 5 years of running a Model Y here would be much greater than for you guys. It makes buying a MY even more compelling, if a good deal can be struck with a home electricity supplier and if most recharging is done at home.
Most public recharging rates here vary between about 26p (30c US) up to well over £1.50 (almost $2), depending upon speeds and location. So again, the Y is still a better deal than a CRV.
The other important point to consider is, if that CRV battery is only 1kWh in capacity, then how many charge cycles will it have gone through in 5 years? Assuming a very modest one full cycle per day, then it would have been recharged at least 1,800 times, and would very likely be at end of life.
I wish reviewers would compare the least expensive version of ICE vehicles vs the least expensive Tesla. Features parity is nice but as a frugal consumer, I buy the vehicle I can afford and the ability to select a cheaper ICE vehicle should be shown.
Jon, in Nova Scotia a hybrid CR-V is $54,937.26 vs. $54,990.00 for a Model 3 - a $52.74 difference at purchase. PLUS 15% TAX on the Honda. Model 3? Tax = $0.00 The choice is a "no brainer." Only the neuroactively-challenged will choose CR-V!
Agree but be was comparing the model y, not the sedan. Electricity is relatively cheap in Canada to. Hybrides are just complicated technology for the long term 7 to 8 years. I hate garages and will love “fueling home”
bs, most people drive equal or less than 10k miles a year, even the ICE version of the crv has a mpg of 31, hybrid easily in the 40s, my insurance on the crv is less than $50 a month. model Y insurance is far higher and with poor quality the repair cost is also far higher. You also forgot in cold climate model Y’s range is significantly reduced due to preconditioning and cost of charging at super chargers also far higher, so try again buddy, your biased review aren’t going to help your tanking tsla stock bro
I always tell people to buy Tesla if you wanna look cool just like any other luxury car brand. A good mpg hybrid car will crush Tesla financially any day. Its just Tesla is faster and i guess conceived as luxury car
Great comparison! Can you please do a 15yr cost analysis and also fact in the loan interest? I am positive 15 yes the Honda is still running. 15 years model 3 ?
I am not cross shopping a Honda with a Model Y. I don't believe that the buyers are in the same market. When I bought my Model Y, the other options were Cadillac or Volvo.
When I replaced my 22 year old Honda Accord, I decided to get a Tesla model Y. At the time the break even was about 4 years. Electric here at home is about 1/9 the cost of gas, since I can charge late at night at a lower rate. Since I replace cars rarely, I knew an EV would be the future ans was the smart ling term choice. No regrets.
It does seem strange to compare a loaded CRV with a Y. Better to compare similar based price cars.
I think you need to start your calculation after you properly equipped the Honda to match as closely as it can (and still fall short) to the Model Y. Do that, and their starting price gets much closer.
Yup that’s one thing people don’t take into account when comparing base models
The CRV he selected is really nice.
As of today, with limited charging infrastructure in the US, many people are not ready to fall for EVs. Range anxiety is still a concern for many who go on longer trips (>300 miles) frequently or even occasionally like 2-3 times a month. PHEV instead of pure EV is probably better option until the charging infra and tech improves. 30 mins of wait for 300 miles vs. 3 minutes wait for a gas full tank with 500 miles range is still a substantial difference for many.
Charging 10% to 80% is usually less than 15 min using most Tesla SuperChargers and preconditioning the battery before charge. Charging past 80% to 100% usually takes more time than going 0% to 80%.. I only do that on trips when I am eating a meal. Once you understand the tricks traveling across the US and the longs trips is easy with a Tesla.
Off rate times for me in Wisconsin in .10 cents KWH
Thanks!
Your 21 cent / kilowatt average only makes sense for people that own their own garage and can put in their own charging units to feed off the grid or off their own solar/battery systems. Everybody else has to pay >40 cents / kilowatt in the US at the superchargers. There are so so many people that don't have ideal situation and have to park on the street and don't have access to cheap charging. Essentially there is little to no savings with respect to fuel vs charging. Not to mention there is significant cost to add home charging setup to the home.
Also you are not factoring in significant property tax increase and annual hikes in registration fees in some locations to make up in the loss of gas tax revenue for the state.
Additionally for now at least many of these EVs require tire replacements at faster rate than ICE and or those tires are significantly more expensive so as to handle the weight and launch dynamics of EV.
He also underestimated teslas energy. Its more like 35kwh/100miles in east coast.
Here in Canada, the Model Y base model is currently $69,900, and therefore doesn't qualify for any federal rebate. So that changes the math entirely north of the border.
Good to know.
Good review. I think you are missing the road maintenance tax that is paid with EV plate registration fee each year, which is generally much higher for EVs as they do not pay this tax when gasoline is purchased
What about tires. for real? Not sure I understand how maintenance is less expensive if you're replacing tires two to three times more frequently
I have a 2018 Model 3 Performance and I have not paid more than $300 for repairs over the last 5+years. What is in the $2000+ estimate for repairs in the Model Y? And I have paid almost nothing for maintenance over the last 5 years. maybe $400... Where did they get their numbers? Are they just adding $5,000 to make people not buy it and make the Dealerships and their service business happy?
IT cost you $1200 a year to insure your model Y, it costs me $4500 a year to insure mine
It varies quite a bit based on location, age driving history company etc. That being said, have you called around to other companies to get lower quotes?
Tesla model y energy is definitely not 0.28kwh/mile. Its more like 0.30-0.36kwh/mile. I live in northeast and it is not even that cold here.
I will give you that, but the CRV won't always get the EPA rated figure either. It goes both ways.
I rode in a Honda CRV and is it me or is the rear cabin actually bigger than the y
What this tells me is that gas is way too cheap in the US
You subtracted the tax rebate twice
Great analysis, but here are a few things. Most places are much cheaper than $0.21 per kwh for electricity. Some can charge for free at work, and you'll never find free gas or diesel. Maintenance costs on the Tesla should be much lower, aside from a set of tires and maybe a cabin air filter, there's nothing to maintain, so I don't know where that $4500 is going. I would think they will be equal in cost when factoring in lower kw/h and lower maintenance costs. Plus, that Tesla is going to outperform that Honda in every way.
You didn’t add the markup fee to buy a honda
When you say you averaged do you mean Weighted Average ? Usually it is what should be meant but often a mistake is made. I suppose you could weight it with popuplation of different areas. Say you have a price of 0.10$ with population of 1 million and 0.20$ with population of 10 million. Average would be 0.15$ and Weighted Average 0.1909$ quite a difference. Like you have many people living in California and much less in some other states.
Now I am more interested to know what car insurance you have.
I wish you had chosen a hybrid that was closer to the same initial price of the Tesla. Also - countries that are serious about de-carbonizing are going to elevate taxes on gasoline and diesel in less than 5 years. That will create a much faster depreciation for the hybrid.
You forgot to mention the purchase taxes on the Tesla are higher. The taxes are based on the purchase price before the tax credit.
Damn. Who's, your insurance company? Worth perfect credit score and driving record at 53yrs old I pay about 120/mo on a 2015 sedan! How can they calculate true depreciation with Tesla demand fluctuations? 🤔
I think Edmunds repairs estimation are not very accurate. What is there to pay for repairs in a Tesla while it's still under warranty? Maybe some panels get scratched, ok, but that's not going to be more than a few hundreds. And that's not a common occurance.
Plus, I think comparing the first line of model Ys in 2020 with the 2023 model is simply not a good idea, they have improved them over time such that it's simply a different car.
I would guestimate the repairs at no more than a $1000 in 5 year span. I have a 2020 model 3, I have changed the 12V battery under warranty, and I didn't need to repair anything else other than this. I think you'll find that most people won't spend too much for repairs on an EV, there isn't really much to repair. Now, accidents happen, I know, and probably Tesla service is charging more than the Honda dealers would for a similar Honda issue, but there are always options with 3rd party garages, if you're strapped for money. I had a Honda CR-V and had to fix a panel on the left side. The dealer estimated the work at $2k, while this garage near my place did with $500. It looks just like new. I asked the guy if he does Tesla. He says those are the most customers he has, Tesla is quoting them 2k more for a similar job.
But I see your point in this video, if you were to take it all by the book, I guess that's the way you have to show it.
I think the depreciation rate for ICE cars and hybrids will go up as the market transitions more to EVs. Also, I think the depreciation for the Model Y is too high, since it appears EVs (or at least Tesla EVs) seem to hold up better over time compared to ICE cars.
ALSO The Model Y had a price drop of over $6,000‼️ To the best of my knowledge, the Honda has not. I think the basic premise of this video is flawed.
⦁ Do most people only keep their cars for 5 years, if so … WHY, and will those same reasons apply to a Tesla?
⦁ This assumes no increase in the cost of gasoline ⛽️… highly unlikely as the ICE market shrinks.
@@HirsuteJim this assume the price of electric will remain stable, highly unlikely as the infrastructure has to add on and upgrade not to mention the taxes that are now on gasoline will have to be made up elsewhere by either taxing electricity or a persons general taxes.
It's still too expensive for me regardless. Well I guess I could make the payment, but why?
I'll keep fixing my gas car until an affordable EV comes along. I haven't had a car payment in 3 years. It's wonderful, lol. But eventually I'm going to have to get a different car, but I refuse to buy another device with 2000+ moving parts to break. An EV has less than 20. I also know that my next car will be my last, and I will switch to monthly subscription robotaxi. No car payment, insurance, gas/electricity cost, parking fees, maintenance/repairs, tickets, washing/detailing, buying/selling.
Yuck. And think about it, with a monthly subscription, you could access Teslas different vehicle types by then. Model 2 for daily commute for work, cybertruck on Saturday if you need to load some material/lumber/furniture, van on Sunday with the wife and kids. You can do whatever you want now, because you "own" 3 different types of vehicles now! This is a glimpse of one of the many ways in which our abundance future will manifest.
No more traffic tickets, DUI'S, car crashes, deaths, racism in selection of vehicle by police, insurance cancelations, driver ratings, TRAFFIC! When every car knows where every other car is on the network, A.I. can flow traffic like electrons on a silicone chip.
The math for this will be ridiculously huge, but again, heralding in an age of abundance. That really cool future we all used to dream about I'd starting to come true. Thank you Tesla and Co. You are the only true light in this world in a way that clearly shows a path to a better future. I was getting nervous for humanity for a long time until Elon and Tesla came along.
So much to say, but I'll stop. Come on Model Tau 🙏❤
Very well said. You should copy/paste versions of the above wherever you post!
The a undance will also come from my tesla stock in my life time too lol
Robo taxi will be great for the cities. But the rural areas won’t use it as much as cities. Waiting for a taxi is very inconvenient
@@herrba the difference is, tobotaxis will always be around. No waiting. And I don't think anyone has a choice. Once cars are networked, it will be illegal for a human to drive a car, and automobile accidents will cease to exist, or be as rare as an airplane crash. This is a good thing.
Car ownership, especially BIG SUV ownership is a North American thing. It's not like that in the rest of the world. Public transit works just fine, and takes many forms. They're doing just fine in the rural areas and have since, well....forever, lol.
@@herrba unless you can call the ride to your door when you need it with FSD but yes, I always will want my car in the driveway since I can afford it. Not everyone can.
I think in next 5 years more EV players will out and the depreciation of EV vehicles might be more higher also battery charge withhold capacity goes down significantly
I suggest that the calculation is misleading because of the current technology disruption; the depreciation of ICE cars will be much higher (essentially worthless) in 5 years from now.
Lol😂 ok
@@Negaah21
Klaus is correct
You heard it here first folks. In 5 years you’ll probably see all gas station be forced to shutdown by unknown entity because ICE cars will be worthless .
I hope you are right, but I have to go with the data that we have so far.
Wishful thinking.
Do you need the fridge put in the car trunk for Tesla model Y?
the problem with Honda is they keep things the same year after year even with newer gen models Honda does not give you much for the money if you look at the bigger picture it holds good resale value that's the good thing about Honda's don't last long as Toyota's do for the most part i think Chevy wins in the compact suv class i owned a 18 equinox premier No Honda CRV out there is a match for the what EQUINOX offers lets see how good the equinox ev is gonna be everyone is waiting for that Honda's prologue looks crappy inside n out no ones buying it
Do most people really pay $7500+ in taxes? Why?
This is a dumb comparison. Why compare the Tesla to a ridiculously priced hybrid? Why not compare it to a gasoline Honda HR-V or a Hyundai Kona? Because if you did, you would find that the Tesla is a complete waste of money.
John - Good analysis. There is inherently a problem using "average numbers" in any analysis. As someone said, "One can drown in a lake that is only 2' deep in average".
I am guessing that most of the Tesla owners who are home owners use Level 2 charges 95% of the time to charge their EV. The cost of charging at home is very inexpensive. I charge my refreshed MS at home from midnight to 6:00 AM when the cost is 4 cents per KWH. So essentially I can fully charge my MS (100 KWH) car for $4 that drives for 405 miles. Not bad at all!
You did not factor in CR-V cost for oil changes & filter, muffler & tailpipe, spark plugs, coolant, belts, hoses, brake pads, associated service charges costs amortization or accural cost method. Tesla will lack these costs. My MBA 2 cents worth.
You probably won t have to change many of those after 75000k and some cars go around 10000 km 6300 miles between oil change. Tesla ate still more expensive then ghere lauch prices.
35.9% of Americans are renters; 64.1%, homeowners. Most if not all of renters can’t set up their own home chargers. The TCO would be much higher for them. In states like MN, the cold weather affects the pure EVs more than the hybrids. For outdoor folks who take 10 camping trips (~460mi rt) a year like me, the Tesla model Y would add costs and time to the trips.
P.S. your TCO analysis is much better than your thesis on Arcimoto, btw! czcams.com/video/yFptJ1neTvA/video.html
There are a couple metrics you didn't calculate. First off, more and more people are getting solar which brings the cost of energy over time will be less for the EV. Next, there is a good chance that gas prices will not stay the same for 5 years, and it will likely go much higher in that period. Lastly, the demand for a used ICE vehicle in 2028 will likely be MUCH less than today
One thing to remember, the taxes collected today by all goverment on gasoline will be take. Somewhere else.
Excellent, impartial analysis. I would add that regular use of Superchargers away from home would drive the Model Y cost per mile quite a bit higher, whereas the CR-V costs the same regardless of where it is fueled.
The CRV would vary more as depending on which Gad station and location you use, the price will be more sporadic
@@herrba not if he's using the average gas price.
20 cents a watt is not realistic. More like 32 cents a watt. Gasoline is more like $3.50 a gallon.
hes talking about national average not your state
Price comparison should only be done excluding incentives as incentives may change or stop. Then show the incentive at the end of the comparison
You are assuming that depreciation in the future is the same as the past. For the biggest cost that’s a big assumption. You should highlight this and reference the predicted fall in EV purchase prices and similarly the fall in ICE & hybrid purchase prices to compete. Also the predicted fall in demand for ICE/hybrid affecting future prices.
I agree, but I have to go with the data that I have.
Agreed but assumptions should be stated and high likelihood of future prices & depreciation being significantly different to historical values.
Why have you not included the tax credit in the finance costs?
Why would you pay 6% and leave $7500 in the bank?
tesla sells in two years for less than what he predicted it will in five!
Tesla $2,421 maintenance and $2,103 repairs in 5 years. I'd love to see the explanation. Are you going to pay $50 each time you fill up $2 worth of windshield washer fluid? Pay someone $100 to do invisible oil change twice a year. Transmission Oil change every 20K miles?
Tires are expensive for Tesla vehicles, and that would make up the bulk of this maintenance cost.
I'm disgusted how often folks push the semi-useless $7500 tax credit when comparing cost. If the $7500 was a deduction at a "point of purchase" scenario, then I would agree. My income, along with millions of Americans who would love an EV are left out in the cold since the "credit" is for the wealthy enough who can afford the extra $7500 in the first place, since they make enough to qualify for the credit. Hope this made sense.
In 2024 it will be point of sale
@@grahfkarate1799 You know this how? Admit that you're only speculating. Back in 2022 I heard the same thing about 2023 and yet here we are.
@@TheWhyGuyChannel I read the bill. It’s in there clear as day.
@@grahfkarate1799 true
This is why I clearly did the math with the credit and without.
Don't forget the $99/yr charge to keep the Tesla in touch with your app - an additional $400 over 5 years with the 1st year included in the purchase price. Throw in the $7,500 you will have to cough up to buy the Tesla and things don't look that good for the EV.
First month included. They’ve shortened it from the year.
Every car manufacturers has a subscription base service. At least Tesla has data for steaming.
Actually the app is free. You’re talking about premium connectivity which is completely separate. Also I don’t know what additional 7500$ you’re talking about lol
Standard connectivity and navigation is included free for 8 years. Premium connectivity adds streaming audio and movies at a cost. The $7,500 is a tax credit that you get, not that you pay when buying the car.
All cars are a money pit any way so, just buy the one you fancy and can afford.